Hammerson enters joint venture over Grand Central ownership

Hammerson has entered into a joint venture with Canadian Pension Plan Investment Board over the ownership of the newly acquired Grand Central shopping centre.

The FTSE 100 property development and investment company announced the 50:50 joint venture on Friday, also announcing the acquisition of the Birmingham property had been completed

It acquired the shopping centre for £335m, but once the joint venture is completed the company’s total acquisition costs will be £175m.

Grand Central, which opened in September 2015, provides 435,000 sq ft of retail space, anchored by a 250,000 sq ft John Lewis department store.

It was developed by Network Rail and Birmingham City Council as part of the £750m New Street Station regeneration project.

Completion of the joint venture is subject to customary closing conditions, including regulatory approval.